HC raises question on the legality of 9% interest rate

  • Staff Correspondent, bdnews24.com
    Published: 2020-03-03 17:09:36 BdST

bdnews24

The High Court has issued a rule questioning the legality of Bangladesh Bank's circular fixing the interest rate on all loans, except for credit cards, at 9 percent.

Justice Abu Taher Md Saifur Rahman and Justice Md Zakir Hossain issued the rule on Tuesday following the hearing of a writ petition challenging the Feb 24 circular.

The court also asked why the circular would not be deemed illegal.

The finance secretary, the Bangladesh Bank governor and the director general of the banking and policy department of the central bank were asked to respond to the rule in four weeks.

Barrister Syed Sayedul Haque Sumon represented the petitioner while lawyer Md Moniruzzaman was the legal counsel for Bangladesh Bank.

Mahfuzur Rahman filed the petition to the High Court on Sunday.